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AMERICAS
New Mountain Capital, an alternative investment manager, completed the acquisition of Aegion, a provider of technologies and services, for $1.1bn.
"The completion of this transaction represents the exciting first step in advancing Aegion's compelling near- and long-term growth prospects as an industry leader and a protector of communities and the environment. I look forward to working with the dedicated teams as we leverage our differentiated portfolio of technologies and delivering transformational solutions to maintain, rehabilitate and protect critical infrastructure around the world," Robert M. Tullman, Aegion President and Chief Executive Officer.
Aegion was advised by Centerview Partners, Shearman & Sterling and Joele Frank. New Mountain Capital was advised by Houlihan Lokey, Jefferies & Company, Ropes & Gray and Abernathy MacGregor Group.
Performance Food Group, a food distributor and supplier, agreed to acquire Core-Mark Holding, which distributes fresh, chilled and frozen merchandise mainly to convenience stores in the United States, for $2.5bn.
"This transaction will also combine Core-Mark’s footprint and operational excellence with PFG’s existing capabilities in both convenience and foodservice. The deal comes with strong strategic and financial merits which we believe will generate significant customer benefits and help PFG continue to create long term shareholder value. The two organizations have similar cultures, which we expect will facilitate a smooth integration and transition process," George Holm, PFG Chairman, President & Chief Executive Officer.
PFG is advised by BMO Capital Markets, JP Morgan and Skadden Arps Slate Meagher & Flom. Core-Mark is advised by Barclays, Weil Gotshal and Manges and Joele Frank.
Digital Colony, a global digital infrastructure investment firm, agreed to acquire Landmark Dividend, a real estate and infrastructure acquisition and development company, for $972m.
“The acquisition of LD is our first strategic step to secure a stronger future for LD and its various affiliated entities, including LMRK. We look forward to working with the LD team to advance our shared mission of acquiring and managing critical digital infrastructure assets that deliver quick, reliable and responsive service for customers,” Steven M. Sonnenstein, Digital Colony Senior Managing Director.
Digital Colony is advised by TAP Advisors, Simpson Thacher & Bartlett and Joele Frank. Landmark Dividend is advised by RBC Capital Markets, Regions Bank and Latham & Watkins.
Charles River Laboratories, an American pharmaceutical company, agreed to acquire Vigene Biosciences, a gene therapy contract development and manufacturing organization, from Signet Healthcare Partners, an institutional investor, for $350m, consisting of $292.5m in cash and contingent additional payments of $57.5m based on future performance. The transaction is expected to close in the beginning of the third quarter of 2021, subject to regulatory requirements and customary closing conditions.
"The addition of Vigene Biosciences' extensive gene therapy expertise will enable us to expand our comprehensive cell and gene therapy portfolio to span each of the major CDMO platforms – cell therapy, viral vector, and plasmid DNA production. In these emerging, high-growth, value-added segments, we intend to continue to differentiate ourselves by bringing our high-science, customizable approach to support the complex needs of cell and gene therapy developers and innovators worldwide," James C. Foster, Charles River Laboratories Chairman, President and Chief Executive Officer.
Vigene is advised by Robert W Baird, Sheppard Mullin Richter & Hampton and Shulman Rogers. Charles River is advised by Davis Polk & Wardwell and Weil Gotshal and Manges.
American Securities, a private equity firm, completed the acquisition of a majority stake in Conair, a retailer of kitchenware and personal care equipment. Financial terms were not disclosed.
"The partnership with American Securities will allow us to continue our evolution with a focus on new product development and an acceleration of our M&A activities while continuing to bring efficiencies to our operations," Ron Diamond, Conair President and CEO.
Conair was advised by PJ Solomon, Sawaya Capital and Paul Weiss Rifkind Wharton & Garrison. American Securities was advised by Weil Gotshal and Manges.
Solera, a provider of risk management and asset protection software and services, agreed to acquire Omnitracs, a complete fleet management platform, and DealerSocket, a SaaS provider to the automotive industry. Financial terms were not disclosed.
"The combination of DealerSocket with Solera allows us to offer dealerships a fully unified platform to simplify workflows and enables us to become the digital backbone across all areas of a connected dealership, simplifying and improving the retail experience. We are thrilled to join the Solera team," Sejal Pietrzak, DealerSocket Chief Executive Officer.
Solera is advised by Kirkland & Ellis and Joele Frank. Omnitracs is advised by Greenberg Traurig. DealerSocket is advised by Ropes & Gray.
Twilio, a cloud communications platform, agreed to acquire Zipwhip, a provider of toll-free messaging, for $850m. The transaction is expected to close by the end of 2021.
"Messaging is becoming a preferred way for consumers to engage with brands, therefore it's critical to provide multiple messaging options. By bringing together the world's leading cloud communications platform and a trusted partner in the messaging ecosystem, we have the ability to deliver more secure, high-quality toll-free traffic at scale. We are thrilled to welcome Zipwhip to the Twilio team as we continue our journey to become the world's leading customer engagement platform trusted by developers and companies globally," Simon Khalaf, Twilio Senior Vice President and General Manager of Communications Platform.
Zipwhip is advised by Morgan Stanley and Cooley. Twilio is advised by Fenwick & West.
Heartland Dental, a dental support organization, agreed to merge with American Dental Partners, a dental support organization. Financial terms were not disclosed. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2021.
"We are thrilled to bring together two historic industry leaders to further doctor-led, high-quality oral health care. Heartland and ADPI share a mission to support dentists and their teams in delivering the highest quality patient care and experiences to the communities they serve. Together, we will have expanded geographic reach and operational resources to deliver unparalleled value and support to doctors," Patrick Bauer, Heartland Dental President and CEO.
American Dental Partners is advised by Harris Williams & Co and Skadden Arps Slate Meagher & Flom. Heartland Dental is advised by Ropes & Gray.
Siemens, a German multinational conglomerate company, agreed to acquire Supplyframe, a design-to-source intelligence platform, for $700m. Closing of the transaction is subject to customary conditions and is expected in the fourth quarter of fiscal year 2021.
"We are very pleased to welcome Supplyframe's highly innovative and talented team to the Siemens family. Supplyframe will be the nucleus to accelerate our overall digital marketplace strategy. Supplyframe's ecosystem and marketplace intelligence complements our industrial software portfolio perfectly and strengthens our capabilities for the growing market of small- and mid-size customers," Cedrik Neike, Siemens Member of the Managing Board.
Supplyframe is advised by Bospar.
Fidelity Management & Research and Amazon's Climate Pledge Fund led a $368m Series A funding round in BETA Technologies, a Vermont-based aerospace and electric aircraft manufacturer.
"These funds allow us to continue hiring the best talent, meet aggressive certification milestones, ramp up production of ALIA, and accelerate the rollout of an extensive high-speed universal charging infrastructure," Kyle Clark, BETA Founder and CEO.
BETA Technologies was advised by Goldman Sachs.
Serengeti Asset Management, an alternative asset manager, led a $150m funding round in Secfi, a pre-wealth management platform.
"This new $150m facility addresses the specific capital needs for employees at late-stage, pre-IPO companies during a shortened window," Frederik Mijnhardt, Secfi CEO.
Secfi is advised by Bevel PR.
Copel, a Brazilian electric utility company, agreed to acquire Vilas Wind Complex, a 186.7 MW wind power complex, from Voltalia Energia do Brasil, a renewable independent power producer, for $189m.
The acquisition is a part of Copel's sustainable growth strategy in renewable energy.
Franklin Electric, a manufacturer and distributor of products and systems focused on the movement and management of water and fuel, completed the acquisition of New Aqua, a water treatment business, for $150m.
“With this acquisition, Franklin Electric solidifies itself as a leader within the residential and light commercial water treatment space, focused on the wholesale and water quality dealer channels. We look forward to working with our suppliers, wholesale distribution partners and water quality dealers to offer high quality products and services, while also expanding Franklin Electric’s product offerings and reach as a provider of water systems solutions,” Gregg Sengstack, Franklin Electric Chairperson and Chief Executive Officer.
Curaleaf Holdings, an international provider of consumer products in cannabis, completed the acquisition of Los Suenos Farms, a marijuana cultivator, for $67m.
"The acquisition of Los Sueños provides Curaleaf with outdoor cannabis cultivation expertise at commercial scale and establishes our foothold in the $2.2bn Colorado market. This deal furthers our strategy of constructing low-cost supply chains that will secure healthy margins and position us for interstate commerce when it comes. Ultimately, our goal is to cultivate cannabis at less than $100 per pound, and this acquisition is a significant step in the right direction," Boris Jordan, Curaleaf Executive Chairman.
Novolex, which develops and manufactures diverse packaging products, agreed to acquire Flexo Converters USA, a manufacturer of stock, custom and recycled paper bags and sacks, from The Carlyle Group. Financial terms were not disclosed.
"Flexo is an exciting addition to our company, and we welcome the skilled and committed team to the Novolex family. Flexo's strong reputation for high-quality products, on-time delivery and value-added services will support us in pursuing future growth opportunities for all of Novolex," Stan Bikulege, Novolex Chairman and CEO.
Xplornet Communications, a rural-focused broadband service provider, completed the acquisition of tower assets in Manitoba from TowerCo, which owns, builds and manages a portfolio of cellular towers and properties for colocation. Financial terms were not disclosed.
"This is a good site acquisition opportunity for Xplornet as we are finalizing agreements with the Province of Manitoba to deliver fast and reliable Internet and cellular services to rural Manitoban homes and businesses. This is another exciting step to expand Xplornet's network infrastructure and presence in rural Manitoba," Allison Lenehan, Xplornet President and CEO.
Premier Research, a provider of strategic and regulatory advisory services, completed the acquisition of Camargo Pharmaceutical Services, a global strategy, regulatory, and commercial partner for emerging biopharma companies. Financial terms were not disclosed.
"We are confident in this transaction knowing that we now have a deeper bench of knowledge and expertise to support our clients in all phases of their product development. Camargo's recognized regulatory, non-clinical development, and patient-centric product differentiation services will strongly augment the strategic and development consulting services that we have been providing for over 25 years," Sameena Sharif, Premier Research President and Regulatory Professionals.
Amazon in talks to purchase MGM for $9bn.
Amazon is in talks to acquire MGM, a US-based movie studio, for $9bn, Reuters reported.
The movie studio behind the "James Bond" franchise also owns the Epix cable channel and makes TV shows. In December the movie studio explored a sale and had tapped investment banks Morgan Stanley and LionTree and started a formal sale process.
Warren Buffett-backed Berkshire acquires a $943m stake in Aon and cuts stakes in Chevron and Wells Fargo. (FS)
Warren Buffett-backed Berkshire Hathaway has taken a $943m stake in Aon, an insurance brokerage, and sold a 51% stake in Chevron, an integrated energy company, and Wells Fargo, a diversified, community-based financial services company, Reuters reported.
Berkshire also liquidated stakes in two smaller holdings: Suncor Energy, a Canadian integrated energy company, and Synchrony Financial, a private label credit card issuer.
ValueAct exits Morgan Stanley and trims stake in Citigroup, KKR and SLM. (FS)
ValueAct, an investment firm, liquidated its stake in Morgan Stanley, a global investment bank, trimmed holdings in Citigroup, a diversified financial services holding company, KKR, and SLM, a holding company providing loans, in early 2021. Reuters reported that the company points to a shift away from some financial firms that it has owned for several years.
ValueAct sold 8.2m shares of Morgan Stanley stock during the first quarter. The company cut its KKR holding by 16% during the first quarter, selling 6.4m shares. The San Francisco-based investment firm also trimmed its holding in Citigroup by 19% to 21.7m shares. The firm cut its holding in SLM Corp by 18%, selling 6m shares.
Vivendi explores the sale of an additional 10% stake in Universal Music.
Vivendi, a company focused on digital entertainment, considers selling an additional 10% of its Universal Music, a provider of recorded music, music publishing, and merchandising services, Reuters reported.
Vivendi is seeking to cash in on its crown jewel asset, as the music industry benefits from growth in streaming revenues. Vivendi values the whole of Universal at $40bn in its documents. Vivendi would retain the remaining 10% stake for at least two years in case of a sale.
"The group is analyzing the opportunity of selling 10% of UMG shares to an American investor or IPO of at least 5% and up to 10% of UMG shares," Vivendi.
Temasek-backed Flywire eyes $2.4bn valuation in US IPO. (FS)
Reuters reported, that Temasek-backed Flywire, a provider of payment solutions, is seeking a valuation of up to $2.4bn in a US IPO.
The company offers 8.7m shares with voting rights for a price between $22 and $24 each. At the top end of the range, the IPO would bring in nearly $209m for Flywire.
Goldman Sachs, JP Morgan, Citigroup and Bank of America are the lead underwriters for the offering.
Insight Partners-backed Mondaycom and 1stDibscom file for IPO. (FS)
Insight Partners-backed Mondaycom, a software maker, and 1stDibscom, an online luxury retailer, filed for a $100m US IPO, Bloomberg reported.
Last year Monday was valued at $2.7bn and backed by Insight Partners, Stripes Holdings, Sonnipe and three Monday.com executives. 1stDibs could seek a valuation of more than $1bn, and its backers include Benchmark Capital, Insight Partners, T. Rowe Price, Spark Capital and Index Ventures.
Monday is advised by Goldman Sachs and JP Morgan. 1stDibs is advised by Bank of America, Barclays, Allen & Company and Evercore.
TPG Capital targets $3bn for its second technology-focused fund. (FS)
TPG Capital is pitching TPG Tech Adjacencies II, its second technology-focused fund targeting $3bn in capital commitments. The fund will provide capital to technology companies that intend to remain private for longer, WSJ reported.
TPG’s investors engage deeply with portfolio companies, bringing skilled executives and operating professionals to add value beyond capital and drive long-term performance.
Quantum Energy raises $1.6bn for a new fund. (FS)
Quantum Energy Partners, a provider of private equity capital to the global energy industry, raised more than $1.6bn for a new fund committed to helping energy companies develop their oil fields and other assets.
The fund will be focused on investments in drilling partnerships and other types of deals with energy companies. The fund includes more than 40 investors, including Oregon Investment Council, which pledged $200m.
Canyon Partners closes a $650m debt fund. (FS)
Canyon Partners Real Estate, an investment management firm, closed Canyon Laurel Fund II, a US-based real estate debt vehicle with more than $650m of total commitments.
The fund targets senior and subordinate debt targets investments across all major property types. Canyon has already deployed more than 60% of the fund’s capital.
"The pandemic has created an even more compelling environment for real estate debt as lenders, owners and developers have been faced with increasing liquidity needs. Coming into the pandemic, Canyon was positioned to allow it to move quickly and capitalize on the growing opportunities," Robin Potts, Canyon Co-Head of Real Estate.
BDC Capital launches $250m Growth Equity Partners Fund II. (FS)
BDC Capital, a venture capital firm, announced the launch of Growth Equity Partners Fund II. The firm will commit an additional $250m in capital to support Canadian entrepreneurs.
The Fund II will be based on its initial investment strategy providing capital in the form of minority equity, from $3m to $35m, to reinforce working capital for growth, innovation, and acquisitions.
Siguler Guff raises $240m for its first emerging markets fund. (FS)
Siguler Guff, a US-based multi-strategy private equity firm, raised $240m for GEMCo, its first direct investment emerging markets fund, DealStreetAsia reported.
The fund will invest across high-growth, expansion-stage businesses with a focus on China, India, and Southeast Asia. The company has already made a number of investments in the e-commerce, internet marketplaces, organized retail, consumer mobility, and enterprise software sectors.
“GEMCo, our first direct investment emerging markets fund, represents a strategic evolution and broadening of the firm’s emerging markets strategy,” Drew Guff, Siguler Guff Founding Partner.
EMEA
The Competition and Markets Authority is investigating whether Cellnex Telecom's acquisition of 24.6k European telecom towers from CK Hutchison will affect the competition within any market or markets in the United Kingdom for goods or services.
The CMA announced the launch of the probe on May 17, with a deadline on July 13, 2021.
CK Hutchison is advised by Deutsche Bank, Moelis & Co, Morgan Stanley, Freshfields Bruckhaus Deringer and Linklaters. Investor is advised by Roschier Attorneys and Weil Gotshal and Manges. Cellnex is advised by PricewaterhouseCoopers, Arthur D Little, AZ Capital, Goldman Sachs, HSBC, Clifford Chance, Kromann Reumert, McCann FitzGerald, Wolf Theiss, Brunswick Group and Roman y Asociados.
Bridgepoint, an alternative asset fund management firm, and Astorg, a French private equity group, agreed to acquire a majority stake in Fenergo, a digital enabler of client and regulatory technology for financial services, from Insight Partners, a venture capital and private equity firm, and DXC, a provider of information technology services, for $600m.
“We have tracked Fenergo for many years and have been impressed with its strong market position, innovative technology and consistent strong positive feedback from a customer base of large financial institutions. We are thrilled to partner with Bridgepoint to help shape the future of this unique company. Marc Murphy and his team have proven their strength year after year in this very demanding industry. This investment confirms our commitment to backing fast-growing and innovative software leaders,” Benoit Ficheur, Astorg Partner.
Fenergo is advised by UBS, Willkie Farr & Gallagher, William Fry, and PwC. Bridgepoint and Astorg are advised by Credit Suisse, William Blair & Co, Torch Partners Corporate Finance, Arma Partners, Paul Hastings, Allen & Overy, Ernst & Young, and GreySpark Partners. DXC is advised by Latham & Watkins.
Glass Lewis, a proxy adviser, has recommended investors in Atlantia to back an offer by a consortium led by CDP, a sovereign wealth fund, to acquire Autostrade per l'Italia, Atlantia's motorway unit.
"We are ultimately inclined to conclude the consortium agreement represents a suitable and certain path to resolving a long-standing and prospectively consequential impasse," Glass Lewis.
Atlantia is advised by JP Morgan. CDP is advised by Citigroup. ACS is advised by Societe Generale.
KLAR Partners, a private equity company focused on investments in companies operating in business services and light industrials, completed the acquisition of ISS Kanal Services, an underground infrastructure maintenance service provider, from ISS Schweiz, a facility services company. Financial terms were not disclosed.
"We are very pleased to have completed the acquisition of ISS Kanal Services. We look forward to working closely with the skilled employees and management to build Europe's leading UIM service provider," Florian Bandel, KLAR Partner.
ISS Kanal was advised by CMS. KLAR Partners was advised by Latham & Watkins and Walder Wyss.
Tiger Global and Bain Capital Ventures led a $102m Series B funding round in Ankorstore, a curated marketplace connecting independent brands with local retailers, with participation from existing investors Index Ventures, Global Founders Capital, Alven Capital Partners and Aglae Ventures.
“In the current retail climate, there have been many measures to close non-essential shops, which have left independent stores in need of flexible financing and tools to quickly adapt their offering. Ankorstore stood by our retailers through lockdowns to help them closely control their cash flow, be more responsive, and manage their stock as precisely as possible,” Nicolas D'Audiffret, Ankorstore Co-Founder.
Groupe TF1 and Groupe M6 are negotiating merger terms.
Groupe TF1, a French media holding company, Groupe M6, a media company, Groupe Bouygues, an industrial group, and RTL Group, a company providing broadcast, content and digital services, enter into exclusive negotiations to merge the activities of Groupe TF1 and Groupe M6 and create a major French media group.
The combined group would accelerate competition with global platforms, active on the French advertising market, and produce quality audiovisual content.
Groupe Bouygues and RTL Group will hold respectively 30% and 16% of the new group, following the acquisition of an 11% stake by Groupe Bouygues from RTL Group, for $779m. Groupe Bouygues would have exclusive control over the merged company.
RTL Group is advised by JP Morgan and White & Case. Groupe Bouygues and Groupe TF1 are advised by Rothschild & Co, Darrois Villey Maillot Brochier, Vogel & Vogel and Flichy Grangé. Groupe M6 is advised by Lazard, Bredin Prat, Allen & Overy, Arsene Taxand and Deprez Guignot.
Gulf Capital and NBK Capital exit Classic Fashion after 33% revenue growth. (FS)
Gulf Capital, a UAE-based alternative asset management company, and NBK Capital Partners, a Middle East-focused asset manager, have exited Classic Fashion Apparel Industries, an apparel manufacturer in the MENA region, after growing its revenues by 33%.
Classic Fashion accounts for 30% of Jordan’s apparel exports, with clients. The firms invested in the company in 2018. The business grew its revenues from $450m in 2017 to more than $600m last year.
“Our investment in Classic Fashion demonstrates our ability to provide flexible growth capital to support the ambitious growth of market leaders across the Middle East. It was structured in a real win-win spirit, in that Classic accelerated its growth with our funding, while our investors realised a strong return and a quick distribution," Karim El Solh, Gulf Capital CEO.
Berlusconi family sells $211m Mediobanca stake.
Silvio Berlusconi's family has sold its 2% stake in Mediobanca, a specialized financial group offering wealth management, consumer banking, and corporate & investment banking services, in the latest change affecting the shareholder base of the Italian investment bank, Reuters reported.
The Berlusconi family-backed Fininvest, a holding company, sold 17.7m shares and received $211m, and said that the sale was part of a readjustment of its financial investment portfolio.
UniCredit acted as a broker on the transaction.
Heineken considers the takeover of Distell Group. (FS)
Heineken, an international brewer, is in talks about a takeover of Distell Group, a South African wine and spirits maker, Bloomberg reported.
Heineken approached Distell about a possible acquisition of most of its business. Distell is considering its options. Remgro, an investment company, and Public Investment, an African pension fund, each hold a little more than 30% of Distell.
ASOS considers offers for Cult Beauty and Feelunique.
ASOS, an online fashion retailer, is exploring potential bids for Cult Beauty, an online retailing platform, and Feelunique, a beauty e-commerce platform, to diversify its product range beyond clothing, SkyNews reported.
A formal bid from the company for either business remained an uncertain prospect, and that it is expected to pursue only one proposal. If one did materialize, it would underline ASOS's interest in expanding its presence in the beauty category.
THG Holdings, an online retailer, and Zalando, an online fashion platform, are also expected to consider offers for Cult Beauty and Feelunique.
BP nears sale of UK North Sea asset to Tailwind.
BP, an oil and petrochemicals company, is in advanced talks to sell 28% interest in the Shearwater field in the UK North Sea to Mercuria Energy-backed Tailwind Energy, a privately-owned oil and gas company, Bloomberg reported.
Tailwind's interest is limited to Shearwater, operated by Royal Dutch Shell, a unified publicly traded petroleum corporation. Shearwater produces about 18k barrels of oil equivalent a day, having peaked in 2004 when it pumped more than 160k a day.
Neptune Energy works with Rothschild on strategic options. (FS)
Carlyle Group and CVC Capital-backed Neptune Energy, an oil and gas explorer, is working with financial adviser Rothschild & Co to explore potential options, including an IPO, Bloomberg reported.
The company could be valued at more than $5bn in a listing. It's also examining alternative strategic options such as merging with another exploration firm.
APAC
Giga Energy, a company that plans to provide industrial and commercial transportation solutions, agreed to go public via a SPAC merger with Yunhong International in a $7.35bn deal. Additionally, Harvest Tech Investment Management, a private investor, invested $308m in Giga Energy.
"This Exchange Agreement with Yunhong International is the next step in Giga Energy's plan to create its vision of the carbon neutral future. We expect the business combination with Yunhong International to help Giga Energy to continue the growth of its industrial and transportation solution business in Asia," Ian Hanna, Giga Energy CEO.
Giga Energy is advised by ARC Group and Loeb & Loeb. Yunhong International is advised by Ellenoff Grossman & Schole and Ogier.
LINK Mobility, a Communication-Platform-as-a-Service provider, agreed to acquire Soprano Design, a global CPaaS provider, for $435m.
"With this acquisition, LINK will become a global CPaaS player with broader market positions, products, and organizations. Since the IPO in October last year, we have already added more than NOK 1bn in annual revenue and improved group margins, and whilst Soprano will add significant growth opportunities, we continue to see near term opportunities in our highly fragmented market that may further position LINK as a global leader within CPaaS," Guillaume Van Gaver, LINK CEO.
Novo Holdings, a life science investor, led a $125m Series C funding round in Hummingbird Bioscience, a biotechnology company. The round was joined by Frazier Healthcare Partners, Octagon Capital, EDBI, AMGEN Ventures, DROIA Ventures, Morningside Ventures, Pureos Bioventures, Polaris Partners, Affinity Asset Advisors, Ally Bridge Group, Altium Capital, SK, Heritas Capital and Mirae.
"With our world-class team of researchers and proprietary technologies, Hummingbird is at the cutting-edge of scientific discovery. These new funds give us further resources to invest in our early stage pipeline, as well as supporting the clinical development of our two lead programs that we believe can deliver very meaningful benefit for patients," Piers Ingram, Hummingbird Bioscience CEO and Co-Founder.
Two investment firms Falcon Edge Capital and Harvard Management led a $120m Series E funding round in Moglix, a B2B e-commerce platform for manufacturing goods. Existing investors Tiger Global, Sequoia Capital India and Venture Highway also participated as part of this round.
“We started six years ago with a firm belief in the untapped potential of the Indian manufacturing sector. We are glad that Falcon Edge Capital and Harvard Management Company have partnered with us in this journey. Falcon Edge, with its deep roots in the Middle East and Europe and an understanding of public companies will guide us through the next phase of our journey,” Rahul Garg, Moglix Founder and CEO.
Alibaba and BPEA acquired 5.5% stake in Masan-backed The CrownX for $400m. (FS)
A consortium led by Alibaba, an online commerce company, and Baring Private Equity Asia, an Asian private equity firm, completed the acquisition of a 5.5% stake in Masan Group-backed CrownX, an integrated consumer-retail platform, for $400m. The transaction pegs the pre-money valuation of The CrownX’s at $6.9bn. Following the investment Masan will own an 80.2% stake in the company.
As part of Alibaba’s investment, The CrownX will now partner with Lazada, an online shopping and selling marketplace, to build the company’s digital presence and capabilities and accelerate the offline to online market in Vietnam.
“The combination of Alibaba’s online retail expertise, Lazada’s e-commerce platform in Vietnam, and Masan’s leading offline network will be a strong catalyst to modernise Vietnam’s retail landscape. We look forward to building a champion offline-to-online platform alongside Masan,” Kenny Ho, Alibaba Head of Investment for Southeast Asia.
Masan Group was advised by Credit Suisse. BPEA was advised by Deutsche Bank.
GDS weighs acquiring GLP's data centers. (FS)
GDS Holdings, a developer and operator of data centers, considers acquiring the data centers business of GLP, an investment management firm. The cloud computing company seeks to expand its digital infrastructure capacity in China, Bloomberg reported.
GDS is holding preliminary talks with GLP over a potential transaction that could value the assets at $8bn to $10bn. As part of the deal, GLP would become a shareholder in Shanghai-based GDS.
Djarum Group-owned Tiket.com considers a $2bn SPAC merger. (FS)
Djarum Group-owned Tiket.com, an Indonesian online travel company, is exploring going public via a SPAC as it seeks to expand its business, Bloomberg reported.
The startup is in talks with COVA Acquisition for a deal that would value the combined entity at about $2bn. As part of the deal, Tiket could raise about $200m in a PIPE. The startup may also pursue a traditional IPO, a merger or an acquisition to expand.
Tiket is advised by Goldman Sachs.
PAG-backed Youran Dairy plans $800m HK IPO. (FS)
PAG-backed Youran Dairy Group, a Chinese owner and operator of a dairy firm, looks to raise up to $800m in Hong Kong IPO, DealStreetAsia reported.
The company is expected to launch the deal next week. A pre-deal term sheet shows the company plans to sell 15% of its shares in the IPO, which would value it at more than $5.3 bn. It plans to use the capital to expand its breeding herd and ramp up feed and raw milk production.
SoftBank VF considers a $304m SPAC listing. (FS)
SoftBank Group, a technology dealmaker founded by Masayoshi Son, is considering listing a SPAC in Europe, Bloomberg reported.
SoftBank Vision Fund discusses plans to raise capital for a blank-check company on the Amsterdam stock exchange later this year. It is considering seeking about $304m from the deal.
The SPAC would be focused on investments in the European technology industry and other high-growth areas.
Buhuo Ventures closes the $243m fund. (FS)
Buhuo Ventures, a Beijing-based venture capital firm, announced the final closing of a new master fund at $243m. The master fund comprises of a $127m RMB-denominated fund and a $115m maiden dollar fund, DealStreetAsia reported.
The firm specializes in early- and growth-stage startups. The capital commitments came from Chinese financial groups, investment firms, govt-led industry funds, funds of funds, and family offices. The debut dollar fund attracted limited partners from the US besides Asia’s marquee dollar-led FOFs and family offices.
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